BTC Miners Under Cross-fire, 1.3 Million Left the Market

Bitcoin has lost more than 80% of its value since thebeginningof 2018.But the miners did notimmediatelyfeel the collapse and theBTCnetwork hash rates grew.At least until the last sharp price drop.

According to aBitMexstudy, since the beginning of November, when thecollapsehitthe market, the number of hash rates in theBTCnetwork fell by 31%.This is roughly equivalent to the 1.3 millionAntminerS9that left themarket.

One reason forthismay lie in a significant drop ofminerincomes.At the beginning ofNovember, theminersgenerally earned $13 million per day, by Novemberthisfigure hadfallen to$6 million.Moreover, some of theminersflee themarketwithout even waiting for the mining difficulty adjustment. For example, for from November 28 to December 3, the number of mined blocks plunged by 21.8%.

Accordingto BitMex, almost all minerswork at aloss. Some of them sell cryptocurrency to get at least some profit and reduce losses.